Updated reo procedures july 2021
please note we have our nationwide reo list which will be sent upon request with addresses once our agreement is signed.
To request our agreement to receive our newest nationwide reo list please email email@example.com.
This list comes out weekly fresh and new and once agreement signed we shall continue sending you the new up to date lists as we receive them. Thank you.
disregard information below as of now this source no longer in effect:
LOOKING TO PURCHASE REO? PURCHASE HERE WE CAN GET YOU CONTRACT -SO YOU DON’T PERSONALLY HAVE TO GO THRU AUCTION SITE!
SAVE TIME! SAVE MONEY! WHY PAY MORE? WHY PAY BIDDING FEES?
GO STRAIGHT TO CONTRACT! WE GIVE BANK RESERVE PRICE. SAVING YOU TIME. NO GUESSING.
Our Team Provides You With Bank Property Pre, Current And Post Auction. We Are Direct To Sellers and Asset Managers. Our Relationship And Service Allows You the Best Chance To Get The Best Deal. We Furnish You With Bank Reserve Prices, Most Auction Sites Do Not. We Do Not Charge A fee For You To Place A Bid, Most Auction Sites Do. Our Team Get’s It Done. We just Got Contracts For Our Clients On Two Prime Brooklyn Bank Properties. If You Want To Save Time And Money Come To Us. You Will See Some Of Our Properties Elsewhere, But Why Pay More. If You Need Help With An Auction Property Currently Being Auctioned Online Now, Even If You Found It Elsewhere, Come To Us. Please Visit This Website To Review All Our Nationwide Bank Property (Features Our Entire Property Inventory).
Jazz Head Manager
Call Or Text 346-808-0873
*IF YOU HAPPEN TO SEE ONE OUR REO PROPERTIES ADVERTISED ELSEWHERE OR AT A DIFFERENT PRICE, IT IS BECAUSE THEY ARE SHOWING YOU THE STARTING BID AMOUNTS AND THE PROPERTY MUST STILL GO THRU THE AUCTION BIDDING PROCESS.
REO AUCTION BIDDING PROCEDURE
- As is where is sale, all due diligence must be done prior to submitting offers.
- Low ball offers will never be considered.
- Your offer must be within 10-15% of the reserve for consideration.
- Give us your best and we’ll let you know where you need to be.
- No LOI required, just send your offer amount.
- Please do not submit an offer with a contract.
- The purchase agreement will always come from the bank/seller.
- The banks will not allow you to assign these contracts.
- No contingencies, no inspection period, these are sold as-is where is.
- Earnest Money Deposit is 3% and is required within 48 after buyer signs contract.
- $2,500 to $5,000 Non-Refundable bid deposit is also required in addition to EMD.
- Bid deposit amount is included in the total purchase price.
- Verifiable POF and entity docs are required before moving forward on any deal.
- Entity docs are not required if you’re purchasing as an individual
- Seller’s closing attorney/escrow company will always be used.
- Occupancy status in the excel spreadsheet may not always be accurate.
- If you’re purchasing an occupied property you are responsible for evicting tenants.
- Lease information is not provided by the bank/seller.
- If a property is vacant with a lock box we may be able to provide the code.
- Interior access is not always available.
- For access to occupied properties you’ll need to coordinate with tenants in person at your own risk.
- You have up to 30 days to close from the time the seller executes the contract.
- An amendment will be needed to extend closing if necessary.
- Preferred method of payment is cash, and hard money is considered cash.
- Conventional loans may sometimes be accepted, depending on the bank/seller.
- Government program loans such as FHA, VA, USDA, and/or any others will not be accepted.
Access will be provided to agents licensed in the state the property is in.
Purchaser needs to request access.
Request our nca for showing, we will then provide contact for you to contact for setting up showing.
Please note, showing may or may not be granted, it is at bank discretion.
|What we provide – Translate the hidden language of REO/Auction companies
– Multi Family, Single Family, Residential & Commercial Properties
– Quickly digest an asset list with thousands of assets to hundreds of higher probability assets with higher win rates to increase your efficiency and approval rates
– Bidding guidance, when to bid, who you’re bidding against (even yourself) to increase win rate
explaining the auction process post-winning the auctions
1) Proof of funds must accompany your offer
2) You must properly identify yourself as a buyer or a broker
3) As prices are already discounted, offers must come in at or extremely close to asking price(if offer more than 10% off ask, pretty much too low to be considered, these are high demand property which often get bid up above bank reserve prices we give you. Be sure to make your highest and best offer as such, bank may not give counter offer).
4) You must be able to close in 30 days or less